In other words, American isolationism is hurting U.S. businesses and leaving the president alone and frustrated. Consider that China is the third largest importer of U.S.-produced liquefied natural gas (LNG) and that China’s appetite for the fuel will only expand as its pursues cleaner energy policies.
When Donald Trump ran for the presidency on the slogan of “America First,” he either failed to consider or failed to convey the global realities in which we live: free trade is integral to global commerce, especially for U.S. oil and natural gas producers that have found lucrative markets in China.
The United States, meanwhile, changed course in 2015 and began allowing for American-produced oil to be sold overseas. As such, China has become the second largest importer of U.S. crude oil.
Until June 2018, it imported 350,000 barrels per day, according to the U.S. Energy Information Administration.
That equates to $1 billion of such purchases. But in August and September, those imports were reduced to zero, says Bimco, an association of shipowners.
“Unfortunately, the current trade policies being pursued by this Administration run counter to enhancing our energy dominance throughout the world,” said American Petroleum Institute Director for Tax Policy Stephen Comstock.
Together, oil and natural gas make up 8% of the gross national product and provide nearly 10 million jobs in the United States, the institute says.
